The New Zealand dollar reached another 10-year low against the Australian currency, as the kiwi continued its month-long slide against its transtasman counterpart today.Around 8am today, the NZ dollar was at 74.52Ac, down from 74.76Ac at 5pm on Friday and
The New Zealand dollar reached another 10-year low against the Australian currency, as the kiwi continued its month-long slide against its transtasman counterpart today.
Around 8am today, the NZ dollar was at 74.52Ac, down from 74.76Ac at 5pm on Friday and having dropped to around 74.30Ac on Saturday morning.
ANZ bank said the NZ dollar cross with the aussie continued to have the ability to go lower. A move into the 73Ac territory could not be ruled out, with Reserve Bank of Australia meeting minutes to be released tomorrow.
The NZ dollar also fell to seven-week lows against the Japanese and European currencies, getting down to around €0.5530 and ¥61.70.
The kiwi was buying ¥61.84 at 8am today from ¥62.19 at 5pm on Friday, but was marginally up at €0.5591 from €0.5582.
The euro declined for a second straight week against the US dollar and may extend losses after a multi-level downgrade by Moody's of Ireland's credit rating affirmed the severity of the euro zone debt crisis.
The Moody's news shattered optimism spurred by a surprisingly firm German business confidence data.
"Moody's reminded us that a strengthening German economy contrasts sharply with health in Europe's (peripheral) regions. The ratings agency ... caused something of a reality check for the euro,' said Andrew Wilkinson, senior market analyst at Interactive Brokers in Greenwich, Connecticut.
The NZ dollar fell against the greenback to 73.65USc at 8am today from 74.20USc at 5pm Friday. The trade weighted index was down to 66.71 from 66.97.
ANZ said the coming week was big for the NZ dollar with key third quarter data being released.
The figures include balance of payments on Wednesday and gross domestic product on Thursday.
